Financial

Ex-Osborne directors have blamed the 2022 Liz Truss mini-budget for problems with the firm’s build-to-rent development business, a new report reveals. Leaders at the company said in April when the company filed for administration that its problems were caused by high inflation, the lingering impacts of Covid and Brexit, and…

The UK’s ninth-largest contractor has been sold for an undisclosed sum.  M Group Services, which turned over £1.86bn in its 2022/23 financial year, will officially have a new private equity owner in autumn upon completion of the deal between seller PAI Partners and buyer CVC.  The infrastructure contractor has 11,000…

J Coffey has reported substantial increases in profit and turnover in its latest full-year accounts. The Middlesex-based contractor saw its revenue rise by 26 per cent to £215.7m in the 12 months to 30 September 2023. Pre-tax profit increased by 40 per cent to £6.4m for the same period. J…

Bam is consulting on cutting 40 roles within its UK and Ireland construction division. The jobs at risk are in the firm’s London and Northern teams, the contractor confirmed. A spokesperson said: “Like all businesses we need to be flexible and adapt to current market conditions. Within the construction sector…

Stevenage-based contractor ARJ Construction owed its subcontractors and supply chain £12.5m when it went under last month. Documents released by administrator FRP Advisory reveal that when it went under ARJ owed subcontractors £4.9m and the wider supply chain £7.6m. It also owed £940,000 to its former employees in redundancy and…

A roofing contractor in Bristol has gone into administration. Davis Roofing Ltd was established in 2006 and employed a monthly average of 40 staff, according to its most recent published set of accounts, covering the 12 months to 31 March 2023. The firm had a place on two lots in…

Mechanical and electrical (M&E) specialist Lorne Stewart posted a pre-tax loss last year as turnover dropped. The company’s accounts for the 2023 calendar year reveal that the Greenford-based firm posted £118.7m in revenue, down 21 per cent from £149.3m the previous year. Its turnover was similar to its 2021 figure…

A cancelled film studio project in Hertfordshire has contributed to lower annual turnover and pre-tax profit for steel specialist Severfield. In its latest annual financial results announcement, the firm noted that the removal of the Sunset Studios project (pictured) from its order book “was the result of a client-driven decision…

The head of Lendlease Europe’s construction operations says he wants to find a buyer for the business “at pace” Simon Gorski is a man in a hurry. As the boss of Lendlease Europe’s construction operations, he is looking to line up a buyer for the UK business by the end…

Construction was the worst hit industry for insolvencies in the year to April 2024, the Insolvency Service has revealed. Some 4,401 construction companies in England and Wales registered as insolvent in the period – 18 per cent of all businesses to do so. The figure is almost 500 more than…